Car demand to increase post-lockdown, says car trading platform

Kuala Lumpur: Demand within Malaysia’s automotive industry will continue to grow post-lockdown, said Carsome Group Chief Executive Officer Eric Cheng.

“However, with the global shortage of car parts such as electronic chips, we expect short- to medium-term shortage of new car supplies or delayed new car deliveries.

“As such, the used car industry is a good position for growth as there is no waiting time for car delivery,” said Cheng, who is also the co-founder of the homegrown online used car trading platform.

According to Carsome’s Consumer Survey, which was conducted in October 2020, the number of Malaysian respondents who intended to buy a car post-lockdown had increased by 32 per cent compared to pre-lockdown demand, with many planning to make their purchase within six months.

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Similarly, more respondents in Thailand and Indonesia also planned to make their car purchase within seven to 12 months, as they were more confident of having more purchasing power by that time, backed by more stable incomes.

“This is because most consumers in all three countries do not feel comfortable using public transport after the Covid-19 lockdown for fear of contracting the virus,” the survey said. The number of people who wanted to sell their cars post-lockdown had also increased, led by Malaysians (up 133 per cent compared to pre-lockdown), followed by Indonesians (+52 per cent) and Thais (+15 per cent), with many citing the need to dispose of their old cars and to get more cash in hand.

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In the survey, 1,000 Malaysian consumers, 1,005 Indonesian consumers and 1,055 Thai consumers shared their thoughts on purchasing and selling of cars, as well as on using public transport and e-hailing services during the Covid-19 pandemic.

Online used car selling platform has also become more popular due to its convenience, the survey said, indicating accelerated digitalisation in the used car market.

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